Question

1. Why did Milton Friedman become so famous and his views on economics so popular?

Answer 1

Milton Friedman has been described as the most influential economist of the second half of the 20th century, and also the one of the most colorful and controversial characters in the history of United States economics. Mr. Friedman provided the intellectual foundations for the reduction of taxes, anti-inflation and antigovernment policies of British Prime Minister Margaret Thatcher and President Ronald Reagan and an era of more-disciplined central banking. Milton Friedman ideas helped in ending the military draft in the 1970s that gave birth to staple conservative causes, such as school vouchers and created the groundwork for new economic views about the inflation, Great Depression, unemployment and exchange rates.

Milton Friedman with popular books and columns, highly technical academic papers, and the ear of powerful politicians helped to shift the center of debate in the America and other nations about the proper role of government in managing an economy of a nation. Friedman influence spread far afield, from Hong Kong to Chile to Russia and Eastern Europe, and the ideas took root with reformers, and pushed economies for privatization and open markets.